Those Dealing In Cryptocurrency Can Celebrate As Bitcoin Will Most Likely Not Be Banned In Saudi

Cryptocurrency hasn’t really picked up much in Saudi yet but for those who have already invested in it or are planning to, there is some good news.

According to the Business Insider, Mohammed ElKuwaiz, the chairman of the country’s Capital Markets Authority has said that a ban on cryptocurrencies is not likely.

He did, however, hint that it may be regulated.

"Not unlike most other markets, the regulators in Saudi have been following developments with cryptocurrencies with great interest," said ElKuwaiz. "We are still evaluating what our appropriate regulatory response should be.”

He adds "I think we are likely to come up with something very soon."

The interest surrounding cryptocurrencies is not big in the kingdom yet but it sure is developing. The bitcoin exchange Paxful has said that they have sold over 10,000 bitcoin in Saudi Arabia.

As of now anyone in Saudi willing to jump into the world of cryptocurrencies can easily purchase Bitcoin or Ethereum from the Middle East based BitOasis. In fact, a startup founded by a group of Saudis called Arabian Chain has even launched their own cryptocurrency exchange.

"It is an emerging field and one would like to see any new field develop before jumping in," ElKuwaiz said.

Mohammed Mirza

Mohammed is an avid traveler who is constantly on the hunt for new and upcoming Saudi travel destinations.
Having lived much of his life in Saudi, he knows the country like the back of his hand. He's also a book lover at heart and is the author of a novel called "Desert Promises".